EVgo (NASDAQ:EVGO) Receives Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of EVgo (NASDAQ:EVGO) in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a $8.00 target price on the stock.

Several other equities research analysts have also commented on the stock. Needham & Company LLC reissued a “hold” rating on shares of EVgo in a report on Wednesday. UBS Group cut their price target on shares of EVgo from $8.00 to $5.00 and set a “buy” rating for the company in a report on Monday, January 27th. Finally, JPMorgan Chase & Co. cut their price target on shares of EVgo from $7.00 to $6.00 and set an “overweight” rating for the company in a report on Wednesday, February 19th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $6.44.

EVgo Price Performance

NASDAQ:EVGO opened at $2.56 on Wednesday. The firm has a market cap of $776.07 million, a price-to-earnings ratio of -6.10 and a beta of 2.32. The company has a 50 day moving average price of $3.40 and a 200-day moving average price of $4.90. EVgo has a 1-year low of $1.65 and a 1-year high of $9.07.

EVgo (NASDAQ:EVGO) last posted its earnings results on Tuesday, March 4th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.04. The firm had revenue of $67.51 million for the quarter, compared to analysts’ expectations of $69.49 million. On average, sell-side analysts anticipate that EVgo will post -0.45 earnings per share for the current fiscal year.

Insider Activity

In other news, Director David Nanus sold 23,000,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $5.00, for a total transaction of $115,000,000.00. Following the transaction, the director now owns 5,882,352 shares of the company’s stock, valued at approximately $29,411,760. The trade was a 79.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Dennis G. Kish sold 17,379 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $4.32, for a total transaction of $75,077.28. Following the completion of the transaction, the president now directly owns 13,655 shares in the company, valued at $58,989.60. The trade was a 56.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,061,563 shares of company stock valued at $115,225,745. 66.96% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Mariner LLC acquired a new position in EVgo in the fourth quarter valued at about $48,000. International Assets Investment Management LLC acquired a new position in EVgo in the third quarter valued at about $51,000. Creative Planning lifted its position in shares of EVgo by 32.7% during the third quarter. Creative Planning now owns 13,365 shares of the company’s stock worth $55,000 after purchasing an additional 3,297 shares in the last quarter. FORA Capital LLC acquired a new stake in shares of EVgo during the fourth quarter worth about $56,000. Finally, Legacy Capital Wealth Partners LLC lifted its position in shares of EVgo by 31.8% during the third quarter. Legacy Capital Wealth Partners LLC now owns 14,500 shares of the company’s stock worth $60,000 after purchasing an additional 3,500 shares in the last quarter. Institutional investors and hedge funds own 17.44% of the company’s stock.

EVgo Company Profile

EVgo, Inc owns and operates a direct current fast charging network for electric vehicles (EVs) in the United States. The company offers electricity directly to drivers, who access its publicly available networked chargers; original equipment manufacturer charging and related services; fleet and rideshare public charging services; and charging as a service and fleet dedicated charging services.